Blockchain-Based FinTech Loan System in the Works

One of the most impressive things about the
blockchain is how it can be applied to modern-day financial technology, even
when it’s not part of a cryptocurrency. Alchemy Technologies, a leader in FinTech
infrastructure development, has partnered with Skeps, a company that focuses on
offering a decentralized marketplace for loans. Together, the collaboration
hopes to introduce a new, unexplored category to financial technology – that of
a decentralized loan system that is secured by the blockchain.

FinTech Infrastructure is Crucial

Alchemy is no newcomer to the world of
FinTech, as many companies use their infrastructure to set up their proprietary
financial technology distributions. Their SaaS solutions are used by financial
institutions such as banks as a back end for their Fintech offerings. The
benefits that a partnership with Skeps brings to the table is a chance for
partners that utilize Alchemy’s service to experience lower-cost distribution and
less overhead maintenance costs as well. A company using the infrastructure
developed by Alchemy and backed by Skeps won’t need to have engineers on hand
to deal with issues as they arise. This reality, coupled with the potential for
integrating cloud operation, makes it an attractive solution to many growing
FinTech companies looking for a low-cost solution for their infrastructural
needs.

Loans Secured by a Blockchain

As users and fans of blockchain technology
know, the technology is incredibly secure, making it an ideal candidate for
incorporating with technology that deals with financial loans. Skeps already
has a framework in place for consumer loans, and the integration of Alchemy’s
blockchain system simply makes that framework more secure. Confidential
information remains between the buyer and seller on the Skeps platform. Skeps
hopes to provide a service that doesn’t have too much technological overhead
for the users. With Alchemy’s blockchain working in the background, users can
benefit from its security without ever having to witness the internal process.